The legal back-and-forth between the U.S. Securities and Exchange Commission (SEC) and Ripple (XRP) continues.
The agency filed a petition late Friday, Aug. 18, asking Judge Analisa Torres, of the U.S. District Court for the Southern District of New York, to certify an interlocutory appeal.
Recall how the SEC wasnโt happy with Torresโs previous ruling that XRP wasnโt a security. The news was celebrated by the cryptocurrency community. The market responded with a rally, led by XRP, while altcoins surged, sparking speculation of an impending altcoin season.
The SEC, left with egg on its face, is now hoping to rectify the embarrassment. The agency is seeking permission to appeal Torresโs ruling that the XRP token is not a security when sold to the public, or retail traders.
The stakes are especially high for the SEC since the decision could affect a slew of other crypto lawsuits. The agency is currently suing some of the most prominent cryptocurrency players, like Binance and Coinbase.
The drama with Ripple dates back to December 2020, when the SEC filed a lawsuit against the company and two of its executives, aiming to remove the cryptocurrency from different exchanges.
In the weeks after Torresโs decision, Ripple argued that the SEC doesnโt have the right to appeal. Torres, however, granted the SECโs request to make an interlocutory appeal on Aug. 17, giving the SEC 24 hours to file a motion.
A new trial is expected to begin in the second quarter of 2024 between April 1 and June 30, 2024.
